The company's adjusted trial balance as follows includes the following accounts balances: Cash, $15,000; Equipment, $85,000; Accumulated Depreciation, $25,000; Accounts Payable, $10,000; Retained earnings, $59,000; Dividends, $2,000; Fees Earned, $56,000; Depreciation Expense, $25,000; and Salaries Expense, $23,000. All accounts have normal balances. Prepare the first closing entry by selecting the account names from the pull-down menus and entering dollar amounts in the debit and credit columns. Date General Journal Debit Credit Dec. 31
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- The Venice Theatre sold and collected cash of 45,000 for season tickets. Upon collection of cash, Unearned Ticket Revenue was credited. At the end of the accounting period, 15,000 had been earned. Make the appropriate adjusting entry.The balances of the ledger accounts of Pelango Furniture as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 104,565. c. Wages accrued at December 31, 934. d. Supplies inventory (on hand) at December 31, 755. e. Depreciation of store equipment, 4,982. f. Depreciation of office equipment, 1,531. g. Insurance expired during the year, 935. h. Rent earned, 2,450. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Building B. Cash C. Common Stock D. Copyright E. Prepaid Advertising F. Notes Payable (due six months later) G. Taxes Payable H. Unearned Rent Revenue
- The balances of the ledger accounts of Beldren Home Center as of December 31, the end of its fiscal year, are as follows: Data for the adjustments are as follows: ab. Merchandise Inventory at December 31, 102,765. c. Wages accrued at December 31, 1,834. d. Supplies inventory (on hand) at December 31, 645. e. Depreciation of store equipment, 5,782. f. Depreciation of office equipment, 1,791. g. Insurance expired during the year, 845. h. Rent earned, 2,500. Required 1. Complete the work sheet after entering the account names and balances onto the work sheet. Ignore this step if using CLGL. 2. Journalize the adjusting entries. If using manual working papers, record adjusting entries on journal page 16.Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable $ 12,000 Accumulated depreciation-Buildings $ 16,000 Prepaid insurance 2,600 Accounts receivable 4,200 Interest expense 520 Utilities expense 1,400 Accounts payable 2,000 Interest payable 140 Wages payable 500 Unearned revenue 850 Cash 12,000 Supplies expense 220 Wages expense 7,600 Buildings 50,000 Insurance expense 1,900 Stark, Withdrawals 3,500 Stark, Capital 30,800 Depreciation expense-Buildings 2,500 Services revenue 25,000 Supplies 850 Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable $ 12,000 Accumulated depreciation-Buildings $ 16,000 Prepaid insurance 2,600 Accounts receivable 4,200 Interest expense 520 Utilities expense 1,400 Accounts payable 2,000 Interest payable 140…Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable $ 12,000 Accumulated depreciation-Buildings $ 16,000 Prepaid insurance 2,600 Accounts receivable 4,200 Interest expense 520 Utilities expense 1,400 Accounts payable 2,000 Interest payable 140 Wages payable 500 Unearned revenue 850 Cash 12,000 Supplies expense 220 Wages expense 7,600 Buildings 50,000 Insurance expense 1,900 Stark, Withdrawals 3,500 Stark, Capital 30,800 Depreciation expense-Buildings 2,500 Services revenue 25,000 Supplies 850 Prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, and (3) balance sheet at December 31. The Stark, Capital account balance was $30,800 on December 31 of the prior year.
- Following are the accounts and balances from the adjusted trial balance of Stark Company. Notes payable $ 18,000 Accumulated depreciation-Buildings $ 22,000 Prepaid insurance 3,200 Accounts receivable 5,400 Interest expense 640 Utilities expense 2,000 Accounts payable 5,000 Interest payable 380 Wages payable 1,100 Unearned revenue 1,150 Cash 24,000 Supplies expense 340 Wages expense 8,200 Buildings 110,000 Insurance expense 2,500 Stark, Withdrawals 6,500 Stark, Capital 66,800 Depreciation expense-Buildings 5,500 Services revenue 55,000 Supplies 1,150 Prepare the (1) income statement and (2) statement of owner's equity for the year ended December 31, and (3) balance sheet at December 31. The Stark, Capital account balance was $66,800 on December 31 of the prior year. Please use numbers indicated in my question and supply solution for income statement ,St. Owner's Equity, and…Conner Corporation's adjusted trial balance included the following items: Accounts payable ($65,000), Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ($47,000), Interest expense ($4,000), Interest payable ($2,000), Inventory ($32,000), Notes payable ($80,000), Prepaid expenses ($5,000), Property, plant & equipment ($123,000), Retained earnings ($46,000), Rent expense ($18,000), Revenues ($101,000), and Salary expense ($60,000). What would be the total credits on the trial balance? $394,000 $347,000 None of these $384,000Following is a trial balance of ABC Company for the year ended December 31, 2018. Dr Cr Cash 14,500 Accumulated Depreciation-Equipment 18,000 Accounts Receivable 11,100 Notes Payable 25,000 Inventory 29,000 Accounts Payable 10,600 Prepaid Insurance 2,500 Owner's Capital 81,000 Equipment 95,000 Sales Revenue 536,800 Owner's drawings 12,000 Other Revenue and Gains 2,500 Sales Returns and Allowances 6,700 Sales Discounts 5,000 Cost of Goods Sold 363,400 Transportation expense 7,600 Advertising Expense 12,000 Salaries Expense 56,000 Utilities Expense 18,000 Rent Expense 24,000 Depreciation…
- The December 31, 2024, adjusted trial balance for Kline Enterprises was as follows: Account Title Debit Credit Accounts payable $ 94,000 Accounts receivable $ 174,000 Accumulated depreciation 264,000 Common stock 494,000 Cash 30,000 Cost of goods sold 484,000 Depreciation expense 64,000 Equipment 708,000 Interest expense 8,000 Inventory 154,000 Note payable (due in six months) 64,000 Rent expense 34,000 Retained earnings 70,000 Salaries payable 12,000 Sales revenue 782,000 Salaries expense 124,000 Totals $ 1,780,000 $ 1,780,000 Required: Assuming no income taxes, compute Kline's 12/31/2024 total current liabilitiesStark company has the following adjusted accounts with normal balances at its December 31 year-end. Notes payable $ 11,000 Accumulated depreciation—Buildings $ 15,000 Prepaid insurance 2,500 Accounts receivable 4,000 Interest expense 500 Utilities expense 1,300 Accounts payable 1,500 Interest payable 100 Wages payable 400 Unearned revenue 800 Cash 10,000 Supplies expense 200 Wages expense 7,500 Buildings 40,000 Insurance expense 1,800 Dividends 3,000 Common stock 10,000 Depreciation expense—Buildings 2,000 Services revenue 20,000 Supplies 800 Retained earnings 14,800 prepare an income statement (1) statement of retained earnings for the year ended Decemeber 31 (2) balance sheet at dec 31 (3) the retained earnings account balance was $14,800 on December 31 of the prior year.The following list of accounts is from the adjusted trial balance for Blue spruce corporation ; Account payable 152,760 , accounts receivable 213,180, accumulated depreciation buildings 111,720 , accumulated depreciation equipment 258,780, advertising expense 127,680, buildings 487,920, cash 80,940, common shares 262,200, costs of goods sold 1,269,960, Deferred revenue 36,480, depreciation expense 214,320, equipment 1,077,300, income tax expense 69,540, interest expense 133,380, inventory 264,480, land 1,254,000 , loan payable (due in 2 years )2,223,000 , prepaid expenses 33,060 , property tax payable 20,520 , refund liability 23,940, salaries expense 884,640 , salaries payable 29,640 , sales 2,991,360 Determine the amount of blue spruce's net income